CARiD, a leading online platform for automotive enthusiasts and everyday drivers seeking top-quality car parts and accessories, has announced the successful completion of a $35 million funding round. This investment marks a pivotal moment for the company, underscoring its robust business model and strategic vision for growth within the competitive automotive e-commerce landscape, particularly in providing an unparalleled selection of Carid.com Parts.
Founded in 2008, CARiD has rapidly evolved into a go-to destination for a comprehensive range of automotive products. From essential replacement components to performance upgrades and stylish accessories, CARiD caters to a diverse customer base, including DIY mechanics, car aficionados, and professional repair shops all looking for reliable carid.com parts. The platform has distinguished itself through a commitment to exceptional customer service, offering expert guidance and personalized support to ensure customers find the perfect carid.com parts for their needs.
Earlier this year, Fifth Star, Inc., an experienced operator of technology-driven consumer businesses, acquired a majority stake in CARiD through this significant $35 million investment. This financial backing serves as a strong endorsement of CARiD’s customer-focused approach, extensive product catalog featuring millions of carid.com parts, and strategic roadmap for continued expansion. The timing of this investment is particularly opportune, as the average age of vehicles on U.S. roads reaches a record high of 12.5 years, fueling sustained demand within the automotive aftermarket for quality carid.com parts and accessories.
Fueling Future Growth in Car Parts and Accessories
The newly secured $35 million in funding will be strategically deployed to accelerate CARiD’s growth trajectory and enhance its position as a leader in the carid.com parts marketplace. Key investment areas include:
- Expanding the Range of Car Parts: CARiD will significantly broaden its already extensive product offerings, incorporating the latest innovations and a wider selection of carid.com parts to meet the evolving needs of its customers.
- Technological Advancements for Parts Discovery: Investing in cutting-edge technology, including AI and machine learning, will enhance the online shopping experience, providing customers with personalized recommendations and making it even easier to find the exact carid.com parts they require.
- Elevating Customer Service for Parts Expertise: CARiD is committed to further improving its customer service, ensuring that customers receive unparalleled support and expert advice when selecting and purchasing carid.com parts.
- Competitive Pricing on Quality Car Parts: By leveraging data science and optimizing supply chain management, CARiD aims to offer even more competitive pricing, delivering exceptional value to customers seeking affordable carid.com parts without compromising on quality.
Driving Forward in the Automotive Parts Market
“This funding empowers CARiD to accelerate our growth, drive further innovation, and continue to revolutionize how customers shop for car parts and accessories online,” stated Lev Peker, CEO of iD Auto, the parent company of CARiD. “It reflects the dedication of our team and the unwavering loyalty of our customers. Coupled with the positive trajectory of the automotive aftermarket, we are confident in CARiD’s potential for remarkable growth and innovation in the car parts sector. Our vision for CARiD is bolder than ever, and we are excited to embark on this next chapter.”
For more information about their extensive catalog of carid.com parts and accessories, please visit CARiD.com.
About ID Auto, Inc.
ID Auto, Inc. is a technology-focused e-commerce company dedicated to building custom infrastructure and unique user experiences within specialized vehicle markets. Founded in 2008 with the goal of creating a premier online destination for the automotive parts and accessories market, ID Auto has become an industry leader and proven brand builder. The company is driven by its commitment to providing a revolutionary shopping experience, offering comprehensive and accurate product selections, and continuous innovation in digital commerce.
About Fifth Star, Inc.
Fifth Star, Inc. is a Delaware-based corporation specializing in the acquisition and operation of consumer and consumer-adjacent technology businesses.
Contacts
Media: Lee Pacchia ICR [email protected]
